Samco Ventures which operates mobile trading platform StockNote has secured $7.5 million in a fresh round of internal funding led by existing investor, mid-market private equity firm Bay Capital Investments.
Besides, the Mumbai-based company’s promoters and existing backers, including the Modi family and Indian cricketing legend Kapil Dev also participated in the Series B round.
In 2015, Dev, Bay Capital Partners founder Siddharth Mehta, and others had invested $3 million in Series A funding of the company.
The startup plans to use the capital raised for building a mutual fund distribution platform, lending capabilities, as well as its research and advisory businesses, it said in a press statement.
Since its inception in 2015, Samco claims to service over 75,000 customers. It recently launched StockNote, a content streaming and trading platform that aggregates and delivers news and information on stocks and sectors across the country.
Available across Android and iOS, StockNote has amassed over 50,000 downloads and the company is aiming to reach one million downloads by March 2019.
StockNote uses Artificial Intelligence and advanced analytics, ‘StockNote’ churns content to give insight to users to enable them to take better investment or trading decisions.
Currently, SAMCO Securities has 1-1.5 percent market share in the retail broking industry, which it hopes to increase to about 3 per cent with the launch of this giga trading app.
The brokerage firm competes with the likes of Zerodha. The Bengaluru-based technology-driven zero brokerage firm has recently got the licence from the Reserve Bank of India to operate as a non-banking finance company in the country.